Never borrow money to purchase a car. 

(As with all heuristics, there are exceptions. For example, if you can get finance at rate that’s lower than the rate of inflation, or even what you’d get from a savings account. It’s likely to be better to invest your money elsewhere at a higher rate of return. So long, of course, as the loss that the dealer/financier/manufacturer is making on the finance isn’t baked into the price of the vehicle!) 

Sonnie Bailey

In his spare time, Sonnie likes telling people that he’s a former Olympic power walker, a lion tamer, or that he is an orthodontist. He is none of those things. In reality, Sonnie is a financial planner based in Christchurch. Through his business, Fairhaven Wealth (, he provides independent, advice-only, fixed-fee financial planning services. Sonnie is a “recovering lawyer”: he has specialised in trusts and personal client work. He has also worked as a financial services lawyer for many years.

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